Pros and Cons of Searching for Homes Online

Are you searching for a home online?

Research shows that about 90 percent of potential buyers in the USA (only about 60% in the UK) search for homes on the Internet. This doesn’t mean that this is where they find or buy homes, but it does mean that the Internet is a meaningful marketplace, and an exceptionally good research tool for anyone buying a house.

Pros of Searching for Homes Online

Searching for homes online is a bit like window shopping from your couch. You can look anywhere at any time and will immediately see which property listings are new, and what has been sold, and is no longer available. When you search for homes online, you can define your needs and wants, and therefore limit your choice to what ought to meet you own personal requirements.

There are also specialist property websites that aggregate properties from a selection of different companies, so you get a really good idea of what is on offer. But you do need to find a good, reliable website or two that have taken the trouble to fully exploit the potential of successful searching for homes online.

Setting up Alerts on your chosen site is the best way to stay on top of the market.  That way when a new listing comes up that meets your needs, you will know about it right away.  Keep in mind that a lot of people are doing the same thing.  And in my experience, most buyers are looking for the same thing.  So if you are serious about buying, make sue you have a loan lined up and an Agent to call, so you can be the first one to make an offer.

Cons of Searching for Homes Online

People often complain when they are buying a house, and they search online, that whatever they find has in fact already been sold. The reason for this is that even though properties may have a signed purchase agreement, these agreements are often still subject to some kind of contingency other than finance. Inspection contingencies, for example, are pretty standard, but buyers don’t generally want to remove the house from the public eye until the inspection is complete.

While there is any possibility that the offer to purchase may be canceled, they would rather remain in the list of online results when potential buyers search for homes. If there is a home you are really interested in, contact a Buyer's agent to put in a back up offer.

Also, data that is syndicated to various sites can be inaccurate and not updated.  The best best is to use a search site tied directly to the local MLS - a Realtor's website.

Consider This

While the internet is a great place to start your search, when it comes to viewing properties and making an offer, the #1 way buyers do this is with a Real Estate Agent.

Keep in mind the Listing Agent works for the Seller.  Don't contact the listing Agent direct assuming you will get a better deal if the seller only has to pay one Agent.  Real estate fees are determined in the listing contract with Brokerage and paid to the Brokerage - not directly the Agent. The Agent is paid by the brokerage in most cases.

Buyer Representation is free to buyers.  The Buyers Agent is paid by the Brokerage from the listing fees. And the Buyers Agent works for YOU looking out for your best interest in negotiations - not the seller.

Contact Me if you would like more information about buying a home in the Charlotte and Lake Norman areas.

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